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China Nepstar Chain Drugstore Reports Third Quarter 2008 Results
Date:11/26/2008

in effective tax rate was primary due to higher tax rates that certain of the Company's subsidiaries becoming subject to under the new PRC corporate income tax law, the recognition of withholding taxes related to profit distribution from the Company's PRC subsidiaries to the Cayman Islands holding company, and an increase in the deferred tax asset valuation allowance for tax loss carry forwards, the benefits of which the Company currently does not expect to be realizable.

Net income in the third quarter of 2008 was RMB36 million (US$5 million), or RMB0.17(US$0.02) basic earnings per share, or RMB0.34(US$0.04) basic earnings per American depositary share ("ADS"), and RMB0.16(US$0.02) diluted earnings per share, or RMB0.32(US$0.04) diluted earnings per ADS. This compares to net income of RMB46 million, or RMB0.25 diluted earnings per share for the same period in 2007. The weighted average number of ADSs for the third quarter of 2008 was 110 million. Each ADS represents two ordinary shares of the Company.

As of September 30, 2008, the Company's total cash and cash equivalents was RMB1,348 million (US$199 million), held-to-maturity investment securities in total were RMB1,148 million (US$169 million) and total shareholders' equity was RMB2,978 million (US$439 million).

On August 27, 2008, the Company announced that its board of directors authorized a US$40 million share repurchase program, which has a duration of 16 months. Based on market conditions, the Company's cash flow status, general economic conditions and trading price of the ADSs of the Company, the repurchases will be made in the open market at prevailing market prices, or in block trades, which are subject to restrictions relating to volume, price and timing. As of November 24, 2008, the Company had repurchased approximately 3.8 million ADSs and had spent approximately US$16 million on the repurchase program.

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SOURCE China Nepstar Chain Drugstore Ltd.
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